Cyprus and Malaysia: DTA negotiations
Cyprus and Barbados have confirmed that they have agreed to finalize the negotiations for a Double Taxation Agreement (DTA) in the near future. Further details will be reported
See MoreCyprus-OECD Convention and protocol on Mutual Administrative Assistance in Tax Matters enters into force
The multilateral convention and protocol between Cyprus and OECD regarding mutual administrative assistance in tax matters entered into force on 1 April 2015. The convention and the protocol were signed on 10 July, 2014. The convention and the
See MoreDenmark: Information Published on Transfer Pricing cases
The Ministry of Taxation published on 11 March 2015 information regarding the transfer pricing (TP) adjustments made in 2014 and the main transfer pricing focus areas for 2015. During 2014, the tax authorities dealt with 76 transfer pricing cases,
See MoreSpain: Council of Ministers approved protocol to treaty with Canada
The Spanish Council of Ministers approved the protocol amending the income and capital tax treaty with Canada on 13 March, 2015. The protocol was signed on 18 November,
See MoreLuxembourg Signed an Income and Capital Tax Treaty with Uruguay
Luxembourg and Uruguay has signed an Income and Capital Tax Treaty on 10 March 2015. The treaty was signed for the avoidance of double taxation and prevention of fiscal
See MoreTIEA between Czech Republic and Bahamas ratified by Czech Republic
The Exchange of Information Agreement (TIEA) between Czech Republic and Bahamas has ratified by Czech Republic on 19th March
See MoreRomania: IMF Comments on Fiscal Policy
The IMF issued a report on 27 March 2015 following the conclusion of Article IV consultations with the Romanian government. The economic recovery following the financial crisis has become broad based in Romania and economic growth is remaining
See MoreGermany: New regulations approved by German Parliament on the application of the arm’s length principle to profit allocations
New regulations approved by The Upper House of the German Parliament on the application of the arm’s length principle to profit allocations between head office and permanent establishments, which follow the authorized OECD approach (AOA) and is
See MoreUK: HMRC Publishes Departmental Improvement Plan
On 23 March 2015 HMRC published its Departmental Improvement Plan for 2014. HMRC has been given the objective of maximizing revenues, improving taxpayer services and making sustainable cost savings. In 2013/14 HMRC collected total tax revenues of
See MoreIreland: IMF comments on fiscal policy
The International Monetary Fund (IMF) has issued a report following discussions with the Irish government under Article IV of the IMF’s articles of agreement. The IMF notes that Ireland has made a robust recovery with economic growth around 5% in
See MoreEuropean Parliament pushing for financial transaction tax as own (EU) resource
In its Annual Tax Report, approved on March 25, 2015, the European Parliament emphasised the urgency of acting on the commitment of eleven Member States to introduce a financial transaction tax (FTT) and called for the FTT revenues to be part of an
See MoreUK: Finance Bill 2015 published
The UK Finance Bill (No.2) Bill was introduced into parliament on 24 March 2015. The Bill contains measures announced in the budget proposals for 2015 together with some measures that were announced earlier such as the new rules for banks and the
See MoreSocial security agreement between Chile and United Kingdom entered into force
The Social Security Agreement between Chile and United Kingdom will be entered into force and effective on 1st June
See MoreUK: HMRC to publish new pensions guidance manual
The UK tax authority HM Revenue and Customs (HMRC) announced on 20 March 2015 that it will be publishing a draft Pensions Tax Manual in the early spring of 2015. This will replace the existing Registered Pension Schemes Manual. The new draft Manual
See MoreSwitzerland and EU Initial Agreement on Automatic Exchange of Information
It is reported that Switzerland and the EU initialed a draft agreement on the exchange of tax information on 19 March 2015. Under this agreement the account data of taxpayers would be collected from 1 January 2017. This data would include the name,
See MoreUS and Croatia signed Foreign Account Tax Compliance Act (FATCA) Agreement
Croatia and the United States signed a Foreign Account Tax Compliance Act (FATCA) Agreement, on 20 March 2015. More specifically, Croatia and the United States signed a Model 1 Agreement. Under the agreement, Foreign Financial Institutions (FFIs) in
See MoreUK: Announces support for the oil and gas industry
On 20 March 2015 the UK government announced a package of support for the oil and gas industry. A new Oil and Gas Authority is to have the power to promote the economic recovery of the industry. The new body would have the power to issue fines
See MoreUK: Proposes new measures to tackle tax evaders
The UK has announced new measures to deal with tax evasion. The proposed measures are outlined in a policy paper issued on 19 March 2015 entitled “Tackling tax evasion and avoidance”. The UK government is introducing measures including publicly
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